calculate the Conversion cycle for Horniman horticulture . 

Exhibit 2 HORNIMAN HORTICULTURE Financial Ratio Analysis and Benchmarking 2012 2013 2014 2015 Benchmark Revenue growth Gross margin (Gross profit / Revenue) Operating margin (Op. profit / Revenue) Net profit margin (Net profit / Revenue) 2.9% 48.9% 2.4% 12.5% 15.5% 46.9% 51.8% 52.0% (1.8)% 48.9% 6.4% 4.8% 8.6% 9.5% 7.6% 4.1% 3.1% 5.7% 5.8% 2.8% Return on assets (Net profit / Total assets) 3.2% 2.4% 4.7% 5.1% 2.9% Return on capital (Net profit / Total capital 3.3% 2.5% 4.8% 5.4% 4.0% Receivable days (AR / Revenue * 365) Inventory days (Inventory / COGS * 365) Payable days (AP/Purchases * 365) 41.9 45.0 48.0 50.9 21.8 424.2 432.1 436.5 476.3 386.3 15.6 13.3 10.2 9.9 26.9 NFA turnover (Revenue / NFA) 2.4 2.4 2.4 3.0 2.7 Benchmark figures are based on 2014 financial ratios of publicly traded horticulture producers. Cash conversion cycle Exhibit 2 HORNIMAN HORTICULTURE Financial Ratio Analysis and Benchmarking 2012 2013 2014 2015 Benchmark Revenue growth Gross margin (Gross profit / Revenue) Operating margin (Op. profit / Revenue) Net profit margin (Net profit / Revenue) 2.9% 48.9% 2.4% 12.5% 15.5% 46.9% 51.8% 52.0% (1.8)% 48.9% 6.4% 4.8% 8.6% 9.5% 7.6% 4.1% 3.1% 5.7% 5.8% 2.8% Return on assets (Net profit / Total assets) 3.2% 2.4% 4.7% 5.1% 2.9% Return on capital (Net profit / Total capital 3.3% 2.5% 4.8% 5.4% 4.0% Receivable days (AR / Revenue * 365) Inventory days (Inventory / COGS * 365) Payable days (AP/Purchases * 365) 41.9 45.0 48.0 50.9 21.8 424.2 432.1 436.5 476.3 386.3 15.6 13.3 10.2 9.9 26.9 NFA turnover (Revenue / NFA) 2.4 2.4 2.4 3.0 2.7 Benchmark figures are based on 2014 financial ratios of publicly traded horticulture producers. Cash conversion cycle